Millennials as well as Gen Z are the most likely to use mobile banking apps

Mobile banking is an easy method to handle your money on the go and continues to grow in popularity. The truth is, 54 % of consumers agreed that they often use digital banking tools more now, due to the pandemic, than they did last year, based on the Digital Banking Attitudes Study by Chase.

“The pandemic has demonstrated that digital banking is actually crucial for customers of all the ages to confidently deal with their finances,” Allison Beer, Head of Digital at Chase, said in the press release.

It comes as no surprise that millennials and Gen Z are the two groups who are making use of mobile banking apps the best. The study discovered that 99 % of Gen Z and 98 % of millennials apply a mobile banking app for a broad range of activities, such as viewing account balances, examining the credit score of theirs and depositing a search. Boomers and gen X work with mobile banking apps less (86.5 % as well as 69.5 %, respectively), although the individuals who do remain in the majority.

 

Consumers mobile banking app activities, by generation

Generation Total Gen Z Millennials Gen X Boomers
View account balances 86.5% 86% 89.5% 86.5% 78%
View account statements 68% 62% 73.5% 67% 61.5%
Transfer money between bank accounts 64% 65.5% 71.5% 60.5% 50%
Deposit checks 59.5% 58% 66% 54% 53.5%
Pay bills 49% 45.5% 53% 50% 40.5%
Check credit score 32% 28.5% 56.5% 30% 20%
Use peer-to-peer payments 24% 20% 31% 21.5% 14.5%
Use online chat to ask a question 16.5% 18% 27.5% 13% 12.5%
Create and track a budget 13.5% 25% 17.5% 9% 4%
View a forecast of monthly spending 13% 17% 18% 9.5% 4.5%
Create a savings goal and track progress 12% 21.5% 18% 5.5% 2%
Open a new bank account 9.5% 11.5% 12% 7% 5.5%

Regardless of the generational differences, mobile banking isn’t going anywhere: Most financial institutions, including banks and charge card issuers, today offer customers with user friendly mobile apps for the smartphones of theirs. The Chase Mobile app, for example, is available to Chase Sapphire℠ Checking account holders, and also Chase Freedom Flex℠ cardholders.

While a mobile banking app is an excellent asset, it’s not always a one-stop shop to managing your finances as it might possibly be limited by the accounts you’ve at one bank. In case you’ve numerous accounts from diverse banks and want a holistic way to handle your cash, think about setting up a budget spreadsheet or maybe registering for a budgeting app or money app as Mint or you Want a Budget.

To be able to create the own budget method of yours with comparable functionality to an app, following these five steps:

  1. Calculate your net income
  2. List monthly expenses
  3. Label fixed and adjustable expenses
  4. Determine typical month expenses for every expense
  5. Make adjustments